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Singapore's Temasek Holdings and a consortium that includes China Investment Corp and KKR & Co have advanced to a second round of bidding for a minority stake in Yum Brands China unit, people familiar with the matter told Reuters.

PHOTO: BLOOMBERG

[NEW YORK] Singapore's Temasek Holdings and a consortium that includes China Investment Corp and KKR & Co have advanced to a second round of bidding for a minority stake in Yum Brands China unit, people familiar with the matter told Reuters.

Another private equity-backed consortium has also moved to the second round, the people said, although its identity could not be immediately confirmed.

Louisville, Kentucky-based Yum Brands, owner of the Pizza Hut and KFC fast food chains, aims to spin off its 7,205 China restaurants by the end of 2016, amid pressure from activist investor Corvex Management, whose founder, Keith Meister, is on Yum's board.

The second round of bids for the stake of around 20 per cent are due by the end of this month, the people said, declining to be identified disclosing confidential information.